Attorneys are naturally skepticalof arbitrators. Thus, many attorneys were optimistic last year when theNational Association of Securities Dealers and New York Stock Exchangestarted giving them more power to select arbitrators for their clients’securities disputes. Months later, attorneys agree that arbitrator choiceis a virtue, but some assert that too much choice has created its own problems.

Most agree that the new systemof selecting arbitrators from a computer-generated list of 15 individualsis better than the old one, in which attorneys were forced to choose fromthree individuals who were pre-selected by NASD or NYSE staff. However,computers that randomly select potential arbitrators often pull up namesof individuals with little experience in securities arbitration � somethingthe regulatory staffs had screened for under the old system.

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